Summer 2023

Sugar Beach, Toronto

TORONTO, April 13, 2023 – According to the Royal LePage House Price Survey released today, the aggregate1 price of a home in the Greater Toronto Area decreased 11.8 per cent yearover-year to $1,119,900 in the first quarter of 2023. On a quarterly basis, however, the aggregate price of a home in the GTA increased 4.8 per cent. 

Broken out by housing type, the median price of a single-family detached home decreased 11.9 per cent year-over-year to $1,400,200 in the first quarter of 2023, while the median price of a condominium decreased 7.4 per cent to $707,700 during the same period.

“The GTA housing market started off the year with more robust activity than we expected. Right out the gate, many buyers that had been sitting on the sidelines while interest rates were rising, reignited their search for a home,” said Karen Yolevski, chief operating officer, Royal LePage Real Estate Services Ltd. “Once again, buyers are faced with a shortage of inventory. Properties in desirable neighbourhoods that are competitively priced are receiving multiple offers, and while we are not seeing as many deals close tens or hundreds of thousands of dollars over asking, like we did during the pandemic boom, there is every indication that buyers will face tight competition this spring. We’ve also seen the number of appointments to see properties steadily increase since the start of the year, a clear indication that buyers are ready to jump back in.”

While sales are way down in the Greater Toronto Area compared to the record highs reported in the first quarter of 2022, on a month-to-month basis, sales were up 54 per cent between January and February, and 44 per cent between February and March; and new listings were up 9 per cent from January to February, and 34 per cent February to March. 2

In the city of Toronto, the aggregate price of a home decreased 12.6 per cent year-over-year to $1,144,300 in the first quarter of 2023; a 5.3 per cent increase over the prior quarter. During the same period, the median price of a single-family detached home decreased 9.3 per cent to $1,654,200, while the median price of a condominium decreased 10.3 per cent to $705,400.

“Many would-be first-time homebuyers continue to grapple with affordability challenges and difficulties qualifying for a substantial mortgage. This is keeping prices up in the rental market, as so many  young buyer hopefuls have been unable to get onto the property ladder,” noted Yolevski. “In addition, they are competing with newcomers to Canada, the majority of whom settle in Toronto.” 

Royal LePage is forecasting that the aggregate price of a home in the Greater Toronto Area will increase 7.5 per cent in the fourth quarter of 2023, compared to the same quarter last year. The previous forecast has been revised upward to reflect current market conditions.

1 Aggregate prices are calculated using a weighted average of the median values of all housing types collected. Data is provided by RPS Real Property Solutions and includes both resale and new build.

2 Toronto Regional Real Estate Board, https://trreb.ca/index.php/news

Summer comes with many benefits: longer days, blooming gardens and rising temperatures. But when the summer heat really sets in, it can be tough to get a good night’s sleep. Luckily, there are many stylish and clever design elements you can utilize to keep your bedroom cool without spending a fortune on your electric bill.

Block Out the Light and Heat with Blackout Curtains

The best way to keep your bedroom cool is to keep sunlight out during the brightest hours of the day, and open your curtains to allow the heat to dissipate during the evening.

Insulated blackout curtains or cellular shades help keep your room cool and dark in the summer and insulate warmth in the winter for year-round benefits. You can also invest in curtains that protect against UV rays to protect your furniture from sun damage.

Invest in Cool, Comforting Bedding

Staying cool in bed has as much to do with the fabrics against your skin as it does with the temperature in the room. By investing in light and airy bedsheets you’ll be better equipped to regulate your body temperature while you sleep.

Sheets made from linen, bamboo and Tencel offer the coolest, most breathable feel. Sheets that feature a percale weave are also known for being lightweight and perfect for summer nights.

Upgrade to a Ceiling Fan

While ceiling fans don’t actually bring down the temperatures of a room, their light breeze can make a big difference during warm nights. Plus, they bring an elevated look to a room. Flush mount fans are ideal for rooms with low ceilings. Ideally, your ceiling fan should be about eight feet off the ground for optimal airflow. Are you ready to transform your home into a summer oasis? 

Monarch butterfly sightings are a joy for Canadians. Unfortunately their population is in drastic decline. This year, the presence of the migratory butterfly dropped by 22 per cent in the forests of Mexico where they spend the winter, making it increasingly important to create a welcoming garden for them this summer. Here’s how you can help:

Plant Milkweed

Milkweed is an essential component of a butterfly-friendly garden. The insects lay their eggs on milkweed, and it’s the only thing monarch caterpillars eat. These hardy perennials feature beautiful blooms and require full sun.

Embrace Nectar-Rich Plants

Fill your garden with as many nectar-rich flowering species as possible such as verbena, bee balm, black-eyed Susans and yarrow. This will help both butterflies and important pollinators like bees.

Add Rock Accents

Butterflies are cold-blooded and rely on the warmth of the sun to maintain their body temperature. Placing smooth, flat rocks in sunny areas of your garden will give them a place to rest. Plus, after a summer rainstorm damp rocks act as a place for butterflies to hydrate without the risk of drowning.

Avoid Pesticides

As much as you’d like to avoid weeds or more invasive insects, avoid using chemical-based pesticides to deal with the issue. Many pesticides are non-discriminatory, killing any insects that come into contact with the chemical. Butterflies are especially susceptible.

Professional grade storage and organization solutions are all the rage on social media. But you don’t have to spend a fortune on custom-designed systems to organize your home like a pro. These storage hacks will quickly take you from scattered to sorted!

Fridge-Friendly Storage Bins

It may seem counter-intuitive—especially if you have a small fridge—but removable organization bins can actually help clear up space and reduce food waste by ensuring nothing gets lost at the back of the crisper.

Dedicate Your Closet to the Current Season

If you’re short on closet space, take the time to dedicate the space to the current season’s clothing by storing out-of-season clothes in bins. Better yet, get rolling storage bins that fit under your bed to utilize wasted space.

Create an Appliance Garage

Too many appliances taking up your valuable countertop space? Dedicate a drawer, section of your pantry, or even a hall closet to storing appliances.

Use Decorative Baskets

Roll towels and stick them in a soft basket if you don’t have room for extras in the bathroom. The same works for extra throw blankets or pillows in living spaces. If you’re in need of customized storage solutions, I can connect you with trusted local companies to get the job done. Get in touch!